Michael Singer Joins Ramius as Chief Executive Officer

Tom Strauss to Become Chairman of Ramius and Vice-Chairman of Cowen
Group, Inc.

December 10, 2012 09:00 AM Eastern Standard Time

NEW YORK--(BUSINESS WIRE)--Ramius LLC, the investment management subsidiary of Cowen Group, Inc.
(“Cowen”) (NASDAQ: COWN), today announced that Michael Singer has joined
Ramius as Chief Executive Officer reporting to Peter Cohen. In his role,
Mr. Singer will be responsible for overseeing and managing the
day-to-day operations of Ramius. Thomas Strauss will become Chairman of
Ramius and Vice-Chairman of Cowen Group, Inc., with a focus on expanding
global relationships and partnerships in the asset management business.

Peter Cohen, Chairman and Chief Executive Officer of Cowen Group, Inc.
said, “We are very pleased to have Michael join us as we accelerate the
build out of the Ramius platform. Michael has an exceptionally strong
and diverse background in alternative asset management, and he will
focus on expanding our current suite of products and broadening our
platform with new strategies and teams. Tom will dedicate his time on
further developing the Firm’s strategic relationships, distribution
channels and client management and work with me in advancing the
development of our quantitative trading group.”

Tom Strauss added, “The Ramius platform has evolved tremendously over
the last few years, from its historic multi-strategy approach to
investing in a series of discrete strategies requiring very specific
expertise which are relevant to the investment environment as we see it
today. As the industry has changed, Ramius responded to client demands
for customized investment solutions and portfolio construction. We also
continue to be a leader within the industry in creating products and
solutions that deliver increased liquidity and transparency. Our goal is
to continue to respond and adapt to the needs of our clients and to
develop alternative investing solutions that create truly diversified
and risk-adjusted portfolios.”

Michael Singer commented, “I am very excited to be joining Ramius, which
has a reputation for its talented investment teams, innovative products,
outstanding client service and strong culture. The Ramius platform,
offering a diverse array of liquid and illiquid alternative products,
presently has core capabilities in credit, deep value equity, real
estate, healthcare, risk arbitrage, systematic investing and hedge fund
solutions. I look forward to working with the Ramius team to develop
core and niche products, incubate new teams and offer solutions to our
clients in meeting their investment goals.”

Since the company’s founding in 1994, Ramius has grown into an
alternative asset manager with more than $10.4 billion in assets under
management, with offices in key financial centers around the world.

About Michael Singer

Prior to joining Ramius, Michael Singer most recently served as Head of
Alternative Investments at Third Avenue Management. In that role Mr.
Singer was responsible for overseeing the development of Third Avenue’s
alternative products business.

Before that, Mr. Singer was Co-President of Ivy Asset Management, a Fund
of Hedge Funds business with over $14 billion in assets. At Ivy, Mr.
Singer established Ivy’s strategic plan and ran the firm’s day to day
activities.

Mr. Singer began his career at Weiss, Peck & Greer where he spent nine
years and served as Senior Managing Director overseeing day to day
operations, new product development, client relationship management,
hedge fund sales and marketing and risk functions.

Mr. Singer received a Bachelor of Science degree in accounting with
honors from Penn State University and a Juris Doctorate from the Emory
University School of Law.

About Cowen Group, Inc.

Cowen Group, Inc. is a diversified financial services firm and, together
with its consolidated subsidiaries, provides alternative investment,
investment banking, research, and sales and trading services through its
two business segments: Ramius and its affiliates make up the Company’s
alternative investment segment, while Cowen and Company is its
broker-dealer segment. Its alternative investment products, solutions
and services include hedge funds, replication products, managed futures
funds, fund of funds, real estate and health care royalty funds. Cowen
and Company offers industry focused investment banking for
growth-oriented companies, domain knowledge-driven research and a sales
and trading platform for institutional investors. Founded in 1918, the
firm is headquartered in New York and has offices located in major
financial centers around the world.

About Ramius LLC

Ramius, the global alternative investment management business of Cowen
Group, Inc., offers a broad range of investment solutions to
institutions and private clients worldwide. Founded in 1994, Ramius and
affiliates manage $10.4 billion (as of October 1, 2012) across multiple
asset classes and investing styles. A significant portion of Cowen's
proprietary capital is managed by Ramius in strategies alongside its
clients.